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ComplianceEase introduces advanced income verification solution for lenders to reduce risk exposure
- 4506Xpress™, an electronic order, delivery and tracking system for income tax verification -

San Francisco, Calif. - July 12, 2005 - ComplianceEase, a division of LogicEase Solutions Inc., today announced the launch of 4506Xpress™, an advanced electronic income verification solution, to help lenders efficiently detect borrower income exaggeration and comply with secondary mortgage market investor requirements.

The release of 4506Xpress is an important advancement in ComplianceEase's efforts to provide a complete automated risk management solution for lenders. This latest solution streamlines quality control procedures associated with reducing application fraud. With 4506Xpress, lenders can accelerate turnaround time and benefit from ComplianceEase's advanced electronic file management tools, thereby eliminating the need to maintain paper tax transcripts and income verification reports.

As home prices continue to out-pace household earnings, borrowers are increasingly more likely to inflate their personal income in order to qualify for home financing. The frequency of overstated income on mortgage applications has discouraged many lenders from offering no income verification and stated income programs. 4506Xpress' TFV (tax filing verification) provides an innovative solution for these types of loan programs, enabling lenders to efficiently confirm the filing status of tax returns associated with stated income and no income verification mortgage applications.

"The prevalence of income exaggeration in the marketplace requires mortgage originators to quickly and accurately verify the borrower's income through government records," said David Girling, executive vice president. "By delivering electronic transactions and web-based file management to the income verification process, 4506Xpress helps lenders accelerate loan closing and reduce overall costs and risk."

In the secondary mortgage market, nearly all loan purchasers require proof of income verification for full-doc and stated-income loans. With the increase in mortgage origination volumes, the 4506Xpress web-based, loan file management tools can help lenders more easily manage large volumes of mortgage data, collaborate with colleagues, reduce operational costs and improve efficiency.

About ComplianceEase®
ComplianceEase, a division of LogicEase Solutions Inc., is the developer of ComplianceAnalyzer and other premier risk management solutions to the financial services industry. ComplianceAnalyzer, the most advanced and widely used automated compliance solution, enables mortgage lenders to more effectively and efficiently comply with federal, state and municipal lending laws at a fraction of the time and cost of traditional approaches. ComplianceEase, founded in 2000, is headquartered in San Francisco with offices in Orange County, Manhattan and Redmond, WA. Visit us at www.ComplianceEase.com.

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